BNN - Thursday, May 23, 2024 - 09:00 a.m. (ET) - Segment #1

grow earnings faster, let's say to grow by 10%, just for the sake of discussion, dividends, probably about 5 or 6% if or sorry of from growth has like 3%, the dividends are probably be flat. So I think its find those are 2 excellent banks, definitely rbc in particular, but I as I said just a moment ago, I would probably on 3 right or or maybe some sort of low canadian back to like when we offer, for example. Okay, rob, thanks a great deal as always for your expertise today. Thanks for having me. Rob wessel was our guest and we appreciate actually. We have one more e-mail. Sorry about here comes an e-mail from max, which canadian bank would rob purchase for a 5 year. Hold that today's sorry max, almost mr. Question picking one bank is a mug's game. That's just too many uncertainties saw. I really think in this case, if you're doing 5 years. >> Don't pick either pick 3 or low cost. Canadian etf. We have the hamilton canadian equate index etf. It's only 19 basis points. Something like that. It is, I think, a much lower risk way of participating in the in that group was the ticker on that teach eby h eby like bob. That's right. Rob now say thank you wessels, I guess thank you very much to rob wessel. Thanks to the viewers who put questions to rob thanks to you for watching our program. That's good for us on the street. Time to turn things over now to the open. Jon erlichman as we go, here's a quick look at the tsx market site. We're trading will begin in just over 33 minutes from now. It's all right here for you to see and try at VectorVest.ca Market timing indicators that work. Simpler, clearer advice. Strategies that pay off. And analysis tools second to none. Try it risk free, Find a great deal foryour ideal hotel.Open trivago, type inwhere you want t select your check-in andcheck-out dates and search. Compare prices forthe same hotel and save up to $50 a night. Hotel? trivago. New Herbal Essences is packedwith naturally derivedplant based ingredientsyo and none of the stuffit won't. Our sulfate free collections,smell incredible and leave your hairtouchably soft and smooth. New Herbal Essences. ( ) ( ) The infiniti qx60 exemplifies modern luxury. With powerful suv performance, three rows of comfort, and a sleek-yet-daring design. ( ) Lease a 2024 qx60 from 0.99% apr for up to 24 months. Visit INFINITI.ca. ( ) Mr. Clean Magic Eraser powers through tough messes. So it makes it look like I spent hours cleaning. And no, I didn't! It makes my running shoe look like new! It's amazing! It's so good, it makes it look like I have magical powers! Magic Eraser and Sheets make cleaning look easy. Discover amur capital. Amur capital's track record of consistent performance has delivered industry leading returns since inception. Why play games with your financial future? Choose amur capital - a Simpler Approach to Investing. (Funky hip hop music)

good morning, welcome to the open here on bnn bloomberg. I'm jon erlichman. Let's take a live look at what's happening with the futures as we head towards the opening bells about 30 minutes to go right now, the tone is quite positive. We've got. >> And nvidia spike for stocks will dive deeper into the story of that ai chip darlene latest quarter results, david nelson of belpointe asset manager will join us with his perspectives. And we've got a number of great guests throughout the hour. We're also going to be diving deeper the other big corporate story, the day td bank's latest quarterly results overshadowed by some of the navigation they are doing right now. Tied to a money-laundering concerns. Let's get into some of the details of that in our newscast. Td says a comprehensive overhaul of its U.S. anti-money-laundering program is well underway. The statement was part of the bank's quarterly earnings report. No new provisions for the scandal were announced today tv reported an adjusted profit that beat analysts estimates driven by its capital markets unit provisions for credit losses, meantime were higher than expected. Topping a billion dollars. And right now we're looking at nvidia shares above $1000 in the premarket. The chipmaker. Posting revenue profit. Was very powerful and sure where the forecast that topped analyst estimates. In addition, nvidia announced a 10 for one stock split and boosted its quarterly dividend. Shares of live nation are getting some attention in the premarket are down about 6 and a half percent. Bloomberg is reporting the U.S. justice department and a group of states will sued the company for anti-trust violations related to the control. The concert ticket sales by live nation's ticketmaster unit. The report says the lawsuits will seek remedies, including breaking up the company. Meanwhile, westjet plans to launch a new cheaper fare category for travellers willing to fly without to carry on bag. The company ceo saying the new ultra-low fare category will be introduced in the next few weeks. Travellers will not have the option to put a bag in the overhead bins that they will be. Allowed to store a knapsack or purse or small personal items underneath the seat in front of them. Right now we're looking at some positive performance in the pre-market for us futures. The s&p 500 poised to not just 25 its record of the year. Nvidia is the big story this morning. We did get some U.S. jobless claims. Those were down again this week. Job cuts have slowed recently, but there are still indications the U.S. labour market is cooling. On the tsx is so often the materials and energy sectors led to the first drop in 5 sessions on wednesday. A reminder, though, that we are at a record high. Or were at a record high earlier this week. And from a overall, the index is up close to 3% staley. What's happening with the price of oil coming off 3 down days as traders assessed the rise in crude stockpiles in the united states. So the game this morning about to $0.86 in new york to advance of more than one percent. The old story. Bullion still struggling after its biggest one-day drop this month on wednesday, the minutes from the latest fed meeting suggesting U.S. interest rates will need to stay higher for longer. Right now, gold futures down more than one percent. Meanwhile, here in canada, expectations for a cut are growing in our loonie has weakened against the greenback for 3 before today giving back some ground word 7, 3, 20. And on the big korean trade on an intraday basis. We have seen the cryptocurrency trade above $70,000. The notable driver this week has been excitement over the a theory etf approvals, possibly coming soon. Bitcoin is a down a little bit though, at this hour off about 114 call, $120 per coin. (Funky hip hop music) all right, let's kick things off this shower with the latest on td bank. While the company's earnings topped estimates, the results overshadowed by multiple law enforcement and regulatory investigations in the U.S. into the laundering of funds tied to illegal drug sales. Tv

has already set aside hundreds of millions of dollars. And it spent investing to improve internal controls this morning on tv's conference call analysts ceo U.S. righ calling the bank's money laundering shortfalls unacceptable and saying thebank hopes to resolve the matter as soon as possible. Christine dobby has been covering this story closely for bloomberg, where she serves as the canadian finance reporter. And she joins us now with more on this story. Christine. I get us up to speed on what more was said today by td on this subject. >> Good morning, jon. As you mention, needed to make some comments about the the aml investigations in the united states. He largely stuck to a script of comments that he has made in the past few weeks about how they're working with regulator or work with regulators and law enforcement in trying to resolve this issue as soon as possible. But we did get a little more detail from a couple of other executives later in the call. One thing that analysts have been looking at is whether expansion in the U.S. market could be crimped at all. And there were some questions about whether they have paused or some sort of slowed their roller their opening of new stores in the u.s.. So in the U.S. they have about 1200 stores close to 1200 stores and that's mainly on that the east coast from they say from maine to florida and leo salloum, who is the head of the U.S. business, talked about how they're sort deliberately pacing the expansion of their store network in the u.s.. He later said that that he sort of imply that they, they're not officially restrained from opening any stores there, but he was saying that this is a topic that is under discussion with regulators. And he couldn't comment too much further. So that was and their chief risk officer also made some comments about how this wasn't enterprise-wide issue at td, but he pointed to some staff members essentially breaking the code of conduct and then being disappointed by that so we did get a few more little details about this issue but but no major major updates, except for the fact that they, you know, they are hoping to resolve this soon, but they also did suggest that it could drag on into next year. >> And what about the amount of money ultimately has to be put towards we know that they had already set aside a sizable amount of money, at the end of the day, the all-in cost associated with this is still unclear. Animals are trying to figure that out as well. >> That's right, we, it's still up in the air. As you say, they have put aside a bear 615 million dollars. Canadian so far analysts have said it could be more in the range of 2 billion dollars in total fines. They have also spent about 500 million canadian on their investments in improving their compliance programs, which they say will improve compliance in both the U.S. and and around their operations, including in canada. So so those costs have not really fully quantify we didn't get much more clarity on that today. >> And then in terms of the bank putting aside money for trying to ensure this kind of a situation does not unfold again. Is there anything more you can tell us about how they're going about that. >> There was no new information today, but what they have said is that they you know, they've invested in technology, they've hired a number of people, quite a few new people in the U.S. in particular to to work on these issues. And they also have said that that the like I said, the improvement that they're working on in the U.S. are meant to strengthen their programs, their compliance across the board, including in canada. >> Christine, appreciate the breakdown. Obviously, a lot of moving parts here. Christine dobby who will be checking in with us throughout the day on the tv story will continue to track the stock as well in trading today. The other stock story we've been watching is nvidia, those shares above $1000 in the premarket after a another very powerful quarter. Results wilbreak it down. Coming up. The Open is brought to you by Enterprise Mobility. We Find Roads that take your business new places

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